Terex Corp has sold its boom truck, truck crane and crossover product lines to Load King, a subsidiary of Custom Truck One Source L.P. Included in the transaction are the assets and parts business associated with these products.
“This transaction completes one of the portfolio actions we announced in February,” said John Garrison, Terex president, chairman and chief executive officer.
“We continue to implement our Focus, Simplify and Execute to Win strategy. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximise value for our customers, team members and shareholders.”
Fred Ross, chief executive officer of Custom Truck One Source said, “I am delighted to announce this acquisition and its launch of boom truck, crossover and truck crane product lines under Load King’s brand. This is an important acquisition that expands our broad specialized truck and heavy equipment solutions offering.”
Load King, headquartered in Kasas City, Missouri, manufacturers transport trailers, dump trucks, service vehicles and water trucks.
Following this transaction, along with the sale of Demag mobile cranes to Tadano, Terex will continue to remain in the rough terrain and tower crane business.
“We will fulfill global demand for rough terrain cranes from our Crespellano, Italy facility, including the popular RT 100US and for tower cranes from our Fontanafredda, Italy facility,” said Garrison.
”Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane and other legacy crane products. We are investing in parts inventory and improving our operations to better serve these important customers.”